18 October 2016


Bulls are back in action…!!!The Nifty recaptured the 8600-mark by rising 32 points, at 8615. The Sensex ended with a gain of 521 points at 28051. The Sensex opened at 27657 touched an intra-day high of 28054 and low of 27653. The NSE Nifty closed with a gain of 158 points at 8678. The NSE Nifty opened at 8556 hitting a high of 8685 and low of 8556. Markets today are drawing comfort from global markets, which are positive. The GST outcome is not expected before today evening or tomorrow, so it's the global cues that are supporting for now.

For tomorrow nifty now tests key resistance at 8700. A strong rally beyond this level and the next key resistance at 8725 will strengthen the bullish momentum. In that case, the contract can rally to the 8750 and 8775 band. But the inability to move beyond 8685 will keep the index under selling pressure. A decisive fall below 8550 can pull the contract down to 8530 and then to 8500 levels. The next key supports are at 8480 and 8450 levels.
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Supports: 8550 and 8500

Resistances: 8700 and 8750

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